Hugel said Friday it registered highest quarterly turnover in the final three months of last year.
The company recorded the sales of 58.8 billion won ($52.2 million) in the fourth quarter of 2018, a 17.4 percent increase from a year ago. However, the company’s operating profit plunged 35.4 percent to 16.1 billion won, and its net profit also tumbled 32 percent to 14 billion won, over the cited period.
“Hugel’s quarterly revenue marked a 17.4 percent year-on-year growth breaking the previous record of 50.1 billion won set in the fourth quarter of 2017,” the company said. “Despite showing a loss compared to the same period of 2017, the company’s operating profit also showed recovery from the rock bottom level in the preceding quarter.”
Although the company had a temporary setback during the third quarter of 2018 due to the reorganization of sales channel in Asia, Hugel enjoyed steady growth not only in Korea but also in South America and Europe, it added.
The company attributed its strong performance to "Wellage," its cosmetic brand, which has served as a significant growth driver during the fourth
Botulax, the company’s botulinum toxin brand recorded sales of 53 billion won last year, and Hugel expects it will secure top market share thanks to improved reception in the domestic market.
The company said it has a more optimistic outlook for 2019. “Hugel has established top-level sales and marketing organizations after going through a major reshuffle in 2018,” it said. “As a result, Hugel will not only maintain its leading position in Korea but also witness explosive growth of its botulinum toxin product in South America, and its HA filler product in Europe.”
“This year will be a crucial year for Hugel to expand its global footprint as we are nearing marketing approval in China and expecting commercialization of Botulax in Taiwan in the second quarter,” Hugel CEO Sohn Ji-hoon said.
The company will strengthen its competitiveness as a global biopharmaceutical company by entering new markets, he added.
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